Prices are falling everywhere in socal, fires or not. Inventory is rising. The 1500 homes that burned will be rebuilt. The lots still exist, the mortgages remain.
Bulls will use anything to their advantage to create mania about rising prices, even a natural disaster. If natural disasters are so good for housing and economies, maybe we should take a look at how New Orleans is doing.
Those who own homes in SD that are facing rate resets, and dwindling equity will be forced to sell, or foreclose. I just don’t see a fire changing the really bad market dynamics of the housing market. I’m also getting tired of people with elitist views about their favorite SD neighborhood and how these areas won’t suffer a housing problem like the rest of socal, the other bubble areas, and all of SD county. I guess only time will tell.
